Results of Operations The world economy saw much weaker growth in 2020 than in 2019 as a result of the coronavirus pandemic. Growth in global industrial production and in the global chemical industry (excluding pharmaceuticals) was also below the prior-year level. In this market environment, BASF’s business did not perform as well as we expected: Sales were on a level with the previous year and earnings declined considerably. Business reviews by segment (XLSX:) XLS Sales and earnings (Million €) 2020 2019 +/– Sales 59,149 59,316 –0.3 Income from operations before depreciation, amortization and special items 7,435 8,324 –10.7 Income from operations before depreciation and amortization (EBITDA) 6,494 8,185 –20.7 EBITDA margin % 11.0 13.8 – Depreciation and amortizationa 6,685 3,984 67.8 Income from operations (EBIT) –191 4,201 . Special items –3,751 –442 . EBIT before special items 3,560 4,643 –23.3 Income before income taxes –1,562 3,302 . Income after taxes from continuing operations –1,471 2,546 . Income after taxes from discontinued operations 396 5,945 –93.3 Net income –1,060 8,421 . Earnings per share € –1.15 9.17 . Adjusted earnings per share € 3.21 4.00 –19.8 a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) (XLSX:) XLS Sales and earnings by quarter in 2020a (Million €) Q1 Q2 Q3 Q4 Full year Sales 16,753 12,680 13,811 15,905 59,149 Income from operations before depreciation, amortization and special items 2,579 1,229 1,542 2,085 7,435 Income from operations before depreciation and amortization (EBITDA) 2,428 1,070 1,044 1,952 6,494 Depreciation and amortizationb 972 1,011 3,682 1,020 6,685 Income from operations (EBIT) 1,456 59 –2,638 932 –191 Special items –184 –167 –3,219 –181 –3,751 EBIT before special items 1,640 226 581 1,113 3,560 Income before income taxes 1,200 –923 –2,786 947 –1,562 Income after taxes from continuing operations 881 –888 –2,177 713 –1,471 Income after taxes from discontinued operations 22 14 13 347 396 Net income 885 –878 –2,122 1,055 –1,060 Earnings per share € 0.97 –0.96 –2.31 1.15 –1.15 Adjusted earnings per share € 1.26 0.25 0.60 1.10 3.21 a Quarterly results not audited b Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) (XLSX:) XLS Sales and earnings by quarter in 2019a (Million €) Q1 Q2 Q3 Q4 Full year Sales 15,596 14,478 14,556 14,686 59,316 Income from operations before depreciation, amortization and special items 2,642 1,885 1,980 1,817 8,324 Income from operations before depreciation and amortization (EBITDA) 2,770 1,546 2,259 1,610 8,185 Depreciation and amortizationb 991 1,039 923 1,031 3,984 Income from operations (EBIT) 1,779 507 1,336 579 4,201 Special items 29 –488 280 –263 –442 EBIT before special items 1,750 995 1,056 842 4,643 Income before income taxes 1,556 293 1,177 276 3,302 Income after taxes from continuing operations 1,163 243 917 223 2,546 Income after taxes from discontinued operations 277 5,686 18 –36 5,945 Net income 1,406 5,954 911 150 8,421 Earnings per share € 1.53 6.48 1.00 0.16 9.17 Adjusted earnings per share € 1.64 0.83 0.89 0.64 4.00 a Quarterly results not audited b Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) back next